Publication Type
Journal Article
Version
publishedVersion
Publication Date
3-2005
Abstract
We examine value and growth portfolios in seven East Asian countries just before the onslaught of the 1997 Asian Financial Crisis. The value premiums in these countries, except in Indonesia, Taiwan, and Thailand, are found to be mainly positive. After controlling for firm size, risk, liquidity, and growth potential, we find higher returns among value stocks with a small firm size and low growth potential in Hong Kong and Malaysia. In Japan and Singapore, higher returns are found in growth portfolios with a small firm size and low growth potential. Growth stocks in Taiwan with a small firm size, and those in Thailand with a large firm size, have higher returns.
Keywords
Value and growth portfolios, East Asia, Asian financial crisis
Discipline
Asian Studies | Business | Corporate Finance | Finance and Financial Management
Research Areas
Finance
Publication
Pacific-Basin Finance Journal
Volume
13
Issue
2
First Page
185
Last Page
199
ISSN
0927-538X
Identifier
10.1016/j.pacfin.2004.07.001
Publisher
Elsevier
Citation
DING, David K.; Chua, Jia-Leng; and Fetherston, Thomas A..
The Performance of Value and Growth Portfolios in East Asia before the Asian Financial Crisis. (2005). Pacific-Basin Finance Journal. 13, (2), 185-199.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/1155
Copyright Owner and License
Publisher
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1016/j.pacfin.2004.07.001
Included in
Asian Studies Commons, Corporate Finance Commons, Finance and Financial Management Commons